The former Arsenal attacker believes that the Belgium international would be a good addition to the current squad of the North London outfit, but only at the right price.
"I think he's a bit different, a bit stronger up front which would help Arsenal,” Merson told talkSPORT when asked if Lukaku would interest Arsenal manager Arsene Wenger.
"I can see why Chelsea let him go; he was one of them that needed the ball over the top. But he was a young kid and I think he's learnt his trade now. It just depends how much he is."
Both Chelsea and Manchester United are reported to be interested in signing the 23-year-old striker this summer.
During the 2015-16 season, Lukaku scored 18 goals and created 51 chances in 37 Premier League matches for Everton.
The former Anderlecht striker’s performances for the Belgium national team at the ongoing 2016 European Championship in France have been mixed.
Lukaku has scored two goals and created one chance in two matches for Belgium at the Euro 2016 finals so far.